Portsmouth manager Harry Redknapp has said a police inquiry into alleged corruption in football "doesn't directly concern me".
He was one of a group of five men arrested on suspicion of conspiracy to defraud and false accounting.
City of London Police have said all five men have been released on bail until February.
Among those arrested were Portsmouth's chief executive Peter Storrie and the club's former chairman Milan Mandaric.
Another of those who were held is understood to be Charlton player and Senegalese international Amdy Faye, currently on loan to Rangers.
The City of London Police inquiry is believed to be centred around the transfer of Mr Faye to Portsmouth from the French club Auxerre, and from Portsmouth to Newcastle, deals set up by agent Willie McKay.
Inquiries help
Mr Redknapp, 60, said: "We all helped the police with their inquiries, but it doesn't directly concern me, it's other people involved.
"I've been answering questions to help the police. I am not directly concerned with their inquiries.
"They have to arrest you to talk to you, for you to be in the police station. I think that's the end of it, it didn't directly concern me."
Paul Martin, the solicitor representing Mr Redknapp and Mr Storrie, said: "The inquiries do not relate to either of those individuals. They relate to entirely different individuals."
A spokesman for Mr Mandaric, 69, said the Leicester City chairman would "continue to offer his full and total support to the police".
Police said the arrested men were aged 69, 60, 55, 48 and 30 and had been questioned over conspiracy to defraud and false accounting.
The 69-year-old was also held on suspicion of money laundering, a spokesman said.
Previous arrests
Detectives from the economic crime unit of the City of London Police are investigating allegations of corruption within football and its impact on owners and shareholders.
In July, officers raided Newcastle United, Portsmouth and Rangers football clubs as part of the inquiry.
A spokesman for Portsmouth said on Wednesday the club's chief executive and manager had "been asked to help police with their inquiries concerning a matter dating back to 2003" prior to the new owner taking control of the club in 2006.
He added the club was "fully supportive of Peter and Harry".
Rangers FC have confirmed that a player was arrested in a matter "totally unrelated" to the club.
The latest arrests bring the total number of people detained in connection with the investigation to seven.
In September, a 28-year-old man was arrested in London and in May, a 61-year-old man was arrested in Manchester on suspicion of money laundering.
A separate inquiry conducted last year by former Metropolitan Police Commissioner Lord Stevens highlighted concerns over 17 player transfers and five Premier League clubs.
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